The Stolypin club, headed by Chairman of the “Party of growth” Boris Titov on Tuesday, September 13, will present a plan of urgent measures for the resumption of economic growth at the expense of the budget, the issue of the Central Bank and the public, writes on Tuesday the newspaper “Vedomosti”, which was acquainted with the text of the document.
The developed plan will become a preparatory stage to full-scale reforms envisaged in the medium-term program “growth Strategy”. The strategy itself will be ready in December, told the publication the authors of the plan. According to them, action can’t wait for December because “the economy is already at the bottom.”
To implement the plan required of 1.92 trillion monetary support 157 billion of tax incentives and savings on electricity tariffs, the newspaper said. RB 1.4 trillion, according to the plan of measures intended for the development institutions — the industrial development Fund, Fund of development of monotowns, Corporations, SMEs, as well as to Fund of assistance to agriculture and the Agency of bad debts should be established. Another 520 billion rubles are needed to stimulate demand for domestic products.
The authors of the plan serves as the funding source funds from the public. So they don’t spill over into the currency market, you need to issue OFZ 1 trillion rubles., to nominate them in rubles, and to repay at the rate of the ruble to the Euro. The budget should maintain the deficit (the amount of it still there are discussions, and to Finance its external borrowings, to the document.
Another source of funding, the authors plan to offer to make the Bank. He will need to reduce the key rate to 7-8% by the end of 2016, and if inflation will slow down to 4% in 2017, then lower the rate to 5-5,5%. The Central Bank should target only inflation, monetary, non-monetary government must address, according to the authors. It is also proposed to limit the powers of the Central Bank to supervise banks. The regulator must not revoke the licenses of banks, this should happen only through the court.
Stolypin club I hope that if you start to provide emergency measures in the fourth quarter of 2016, the effect will impact in the second half of 2017.
Coordinate the process of recovery, according to the authors of the plan, will have “the Administration of growth” that must be created and subordinate directly to the President. It will address strategy in contrast to the government, managing the current state of the economy.
The package of measures will be further developed in the course of a month, and later will be submitted to the President, said the representative of the Stolypin club.
Earlier, presidential aide Andrey Belousov asked the President to shred the report of the Stolypin club. The head of state wrote on the letter “I do”.